The VCI was created to track intra-annual price developments in the over-the-counter secondary VER market. The index is based on confidential information from key players in the market. New Carbon Finance tracked about three million tons of carbon credits in July and August, worth about $18.9 million at an average of $6.3 per ton.

This edition of the VCI has identified several key trends in the voluntary carbon market, including:

- the emergence of the voluntary carbon standard (VCS) as the most popular and dominant standard in the,

- gold standard (GS) VERs continue to be the premium credit, commanding the highest average price at $15.8/t, up 40%, and

- prices for industrial gas and renewable energy credits have remained comparatively flat.

"We are seeing the confirmation of trends that were initiated in 2007, with significant price separation among credits verified to the different standards," says Thomas Marcello, an analyst at New Carbon Finance. "This suggests the development of a three-tier market with the Gold Standard and Californian Climate Action Registry in the upper tier, the voluntary carbon standard in the middle tier, and various other standards in the lowest tier."